CNBC article by Kenneth Kiesnoski
How can — or should — boomer parents and grandparents pass on their money? CNBC Senior Personal Finance Correspondent Sharon Epperson turned to three financial advisors to gain some insight.
Certified financial planner Peter Mallouk, president and CIO of Creative Planning, said the first step before gifting heirs is “to at least have gone through a short analysis to make sure that you have all the income you need for the rest of your life.”
Then you can begin gifting $14,000 per recipient per year tax-free, with a lifetime gift exemption of $5.43 million. Figure out if you can truly afford to gift before starting to do so.